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A new consortium dominated by Swedish owners has at the last minute joined in the battle to purchase Volvo Cars from Ford Motors.

The engineering trade union at Volvo Cars is reported to be behind the initiative due to provide opposition to the possibility of a Chinese owner, reported business daily Dagens Industri.

Konsortium Jakob AB was listed at the Swedish Companies Registration Office (Bolagsverket) in July. Employees in Sweden and Belgium will have the chance to buy into the company with two monthly salaries. Volvo dealers will also reportedly to be offered the opportunity to buy in. AB Volvo, as well as an unnamed Swedish institutional investor, is also to have expressed interest in joining the consortium.

Roger Holtback, CEO of Volvo Cars from 1984-1991 and vice president of AB Volvo between 1990-1991, is reported to have sought American financiers.

Handelsbanken Markets has been cited as the consortium's financial advisor.

The purchase price, since Ford will remain a minority owner, is estimated at approximately 15 billion kronor ($2.08 billion).

A consortium of the state-owned Chinese car manufacturer Geely is still believed to be the most likely candidate for the purchase. In June, Geely denied any plans to purchase Volvo Cars.

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